CityIndex

Crude oil looks set to bounce ahead of OPEC

Long
NYMEX_DL:CL1!   Contrats à terme sur pétrole brut léger
With oil prices having fallen around -25% from the September high, a correction higher may be due.

And as prices failed to hold beneath $70, Wednesday's bullish hammer (which is also a higher low) has caught out eye). The hammer was coupled with above-average volume to suggest demand around $75, and the initial break below $70 was seen on strong negative delta (more sellers than buyers) which means the subsequent move higher likely forced them to cover and reconsider their direction.

A move towards $75 could help improve the reward to risk ration for an anticipate move to $80, a break above which brings $82 into focus just beneath the January and April highs.

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